Early Colonial Economy Essay

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Jarrod Tasnady 9/20/14 Economics played a huge role in the establishment of European colonies in North America. From the beginning in settlements such as Jamestown and Plymouth went nearly extinct. They were saved by advancements in the economy. Due to agricultural discoveries farmers were able to produce a high demand in tobacco. This is what led to the establishment of not only Jamestown and Plymouth but as well as many other future settlements. First, In 1607 about one hundred settlers sent by the Virginia Company arrived at Jamestown, the first permanent British settlement. It later grew into the Virginia colony. The English merchants who organized the Jamestown colonists expected prosperity or wealth from the settlement. They were interested in sources of gold. Not finding great fortune and treasures, the colonists began growing tobacco by 1612 for shipment back to England. Tobacco provided a economic base for the settlement. In 1619 the colonists formed their first representative legislature called the House of Burgesses.…show more content…
What early colonial prosperity there was resulted from trapping and trading in furs. In addition, fishing was a primary source of wealth in Massachusetts. But throughout the colonies, people lived on small farms and were selfsufficient. In the few small cities and among the larger plantations of North Carolina, South Carolina, and Virginia, some necessities and all luxuries were imported in return for tobacco, rice, and indigo exports. To conclude, economics was the most important role in the establishment of European colonies. It was the only reason the near-extinct colonies did not actually go extinct. Most of the economic prosperity was from farming and agriculture. The early settlers would export mostly tobacco because there was a high demand for it back in England. Economics was the most important if not the only reason that the European colonies in North America were
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